Despite previously being sceptical about the amount set to be raised, the Bank of England has predicted that the UK economy will be boosted by the 2012 Olympics.

The bank has issued a statement saying that although some of spending has already occurred – possibly on advance bookings of event spaces – there is more on the way.

After studying economy figures generated by the last few Games to be held, the bank came to the conclusion that a modest 0.2 per cent increase in spending will occur over the summer period. Furthermore, this could be teed up by the Queen’s Diamond Jubilee, as thousands prepare to visit London for their celebrations.

According to guardian.co.uk, economists believe little more will be spent on souvenirs and beer in the lead up to the Olympics. Instead, the majority of the spending could go on bigger purchases, like the hiring out of venues for parties.

Looking at the effect that the Games could have on future readings, an extension on the growth has also been forecasted. Cited by telegraph.co.uk, the chief economist at the Bank of England, Spencer Dale, put an estimate on where the boost will kick in.

“Trying to work out how (the Olympics) will affect it is very difficult but our best guess is that it’s likely to boost growth in the third quarter,” he said.